Productivity growth in this country has actually been negative in a recent period. And, we have had higher oil prices; of course…. Under those conditions, the standard of living of the average American has declined.

Testimony to the Joint Economic Committee (October 17, 1979), as recorded in the Hearings, Reports and Prints of the Joint Economic Committee. Often quoted as "The standard of living of the average American must decline" or "The American standard of living must fall."